A Chart of Accounts

question 95

Multiple Choice

A chart of accounts:

• A)is used by an organization to determine the balance in all of their accounts.
• B)lists all of the accounts of an organization in alphabetical order.
• C)must be the same for all organizations.
• D)lists all of an organization's accounts and account numbers.

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Definitions:

Short Run

A period during which at least one of a firm's inputs is fixed, limiting the firm's ability to adjust to changes in market demand or supply.

Quantity

The amount or number of a material or immaterial good that is considered as a unit or an aggregate.

Shut-down Point

The level of operation at which a company does not benefit from continuing operation and incurs losses by staying in business.

AVC

Average Variable Cost, which is the total variable costs of production divided by the quantity of output produced.